Loan Programs

Unique HomePath Financing Offers:

Purchases up to 97% LTV on single family

1-4 Unit Family Homes and Condos available

Low 3% down payment (which can be funded by your own savings, gifts, grants, or a loan from a non-profit organization, state or local government or employer)

Up to 6% Seller Contributions

No Appraisal Required

90% LTV Investment Properties and Second Homes

Less than perfect credit allowed

Finance up to 10 properties

HomePath Financing only with HomePath.com Properties

All Fannie Mae-owned properties can be found online at www.homepath.com. Fannie Mae’s HomePath databse only includes properties that are owned by Fannie Mae. Properties that are eligible for HomePath financing are clearly flagged. Properties generally include a wide selection of homes located in a variety of neighborhoods and, in many cases, represent an excellent opportunity for home buyers and investors looking to maximize their value. HomePath properties are unoccupied and sold “as-is.”

Non-HomePath Specialty Programs

FHA ONLY .5% DOWN

Use your tax refund for a 0.5% down payment on a new home AND get a larger tax refund next year with the mortgage interest write-off!

99.5% CHF Access Loan
based on an agreement with the California Homebuyers Foundation and Unlimited Funds for down payment assistance.

Program Highlights
96.5% FHA 1st
3% Access 2nd @ 8.25% 15yr Fixed
CA Properties ONLY
Max DTI 43%
Can Stretch Ratios with 2 compensating factors from FHA Handbook 4155
Stretch to 45% with 620 FICO
Stretch to 47% with 660 FICO
First Time Homebuyers OK
Non-First Time Homebuyers OK
FICO Under 620 OK if you meet Overlays
Alternative Credit OK – call for details
Conforming and Jumbo Loan Amounts
Seller can pay all closing costs
Gift Funds OK
Non-Occupying Co-Borrowers not allowed

 

FHA Down to 500 FICO and VA with Any FICO

  • DU Approve/Eligible
  • DU will be reviewed by the underwriter to determine acceptable credit and income risk. Declining credit profile will also be considered.
  • Accounts showing “in dispute” requires downgrade to a manual underwrite – even if closed

HIGH DTI SUBJECT TO UW DISCRETION – CALL FOR DETAILS

FHA 500 – 620 FICO

  • DU Approve/Eligible
  • Case Numbers after 10/4

o    580 FICO Required for 96.5% LTV

o    500-579 FICO Max 90% LTV

o    Alt Credit OK for no FICO to 96.5%

  • Max DTI of 31/43%

o    Can stretch ratios to 40/46 with strong compensating factors from 4155.1, page 4-F-6

  • 0 x 30 on all accounts in the last 12 months
  • No Collections with Date Opened in the last 12 months
  • Non-occupant co-signers must be related as parents, children or siblings. Proof of relationship required. Other blood relatives will only be allowed if occupant’s DTI under 50%
  • Homebuyer education certificate (online at MGIC)

Accounts showing “in dispute” requires downgrade to a manual underwrite – even if closed

Manufactured Homes

  • Max 2 acres
  • Max 90% LTV for Purchase and Refi
  • Max 70% LTV for Cash Out
  • No Flood Zones